Leases (Notes)

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

The Company enters into lease arrangements for real estate, construction equipment and information technology equipment in the normal course of business. Real estate leases accounted for approximately 90% of all right-of-use assets as of September 30, 2020. Most real estate and information technology equipment leases generally have fixed payments that follow an agreed upon payment schedule and have remaining lease terms ranging from less than a year to 15 years. Construction equipment leases generally have "month-to-month" lease terms that automatically renew as long as the equipment remains in use.

During the three months ended September 30, 2020, the Company recognized a $0.2 million impairment of a right-of-use asset in connection with the closure of a leased office space. The impairment is included in restructuring costs in the condensed consolidated statements of income.

The components of lease expense in the condensed consolidated statements of income are as follows:

		Three Months Ended
		September 30, 2020		September 30, 2019
Lease expense	Location of Expense in Statements of Income	(in thousands)
Operating lease expense	Cost of revenue and selling, general and administrative expenses	$	2,488	$	3,117
Short-term lease expense(1)	Cost of revenue	5,975		9,608
Total lease expense		$	8,463	$	12,725

(1)Primarily represents the lease expense of construction equipment that is subject to month-to-month rental agreements with expected rental durations of less than one year.

The future undiscounted lease payments, as reconciled to the discounted operating lease liabilities presented in the Company's Condensed Consolidated Balance Sheets, were as follows:

	September 30, 2020
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2021	$	6,313
Fiscal 2022	5,542
Fiscal 2023	3,871
Fiscal 2024	2,862
Fiscal 2025	2,300
Thereafter	9,647
Total future operating lease payments	30,535
Less: imputed interest	(5,130)
Net present value of future lease payments	25,405
Less: current portion of operating lease liabilities	6,585
Non-current operating lease liabilities	$	18,820

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of September 30, 2020:

Weighted-average remaining lease term (in years)	6.4 years
Weighted-average discount rate	5.6	%

Supplemental cash flow information related to leases is as follows:

	Three Months Ended
	September 30, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,102
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	902